Telecom Argentina S.A. announces consolidated results for the nine month period ("9M21") and third quarter of fiscal year 2021 ("3Q21")** - 09.11.21 - News

BUENOS AIRES, Argentina, Nov. 9, 2021

Note: For the figures included in their FFSS, the Company has accounted for the effects of inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores ("CNV"), which establishes that the restatement will be applied to the annual financial statements, for intermediate and special periods ended as of December 31, 2018 inclusive. Accordingly, the reported figures corresponding to 9M21 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of 9M21 and vs. 9M20 mentioned in this press release correspond to "figures restated by inflation" or "constant".

For comparative purposes, it is important to highlight that the results adjusted by inflation corresponding to September 2020 contain the effect of the year over year inflation as of September 2021, which amounted to 52.5%.
Consolidated Revenues amounted to P$292,983 million in 9M21. Service Revenues totaled P$272,173 million (-9.4% in constant currency vs. 9M20), in a context where inflation is still high. Service revenues for 3Q21 totaled P$89,578 million (+0.5% in constant currency vs 2Q21).
Mobile clients in Argentina reached 19.5 million in 9M21 (+266 thousand vs. 2Q21), cable TV subscribers totaled approximately 3.6 million (+16 thousand vs. 2Q21), while broadband accesses amounted to almost 4.2 million (+14 thousand vs. 2Q21).
Operating Income before Depreciation and Amortization amounted to P$95,398 million in 9M21 (-16.0% vs. 9M20). Operating Income totaled P$1,185 million (-96.0% vs. 9M20).
The Company's Net Income amounted to P$1,025 million in 9M21. Income tax expense totaled P$30,960 million, which was partially offset by positive net financial results of P$30,590 million.
Investments (including rights of use assets) reached P$66,519 million in 9M21, equivalent to 22.7% of Consolidated Revenues.
Net Financial Debt amounted to P$223,416 million in 9M21, (-6.8% in constant currency vs. FY20).

*Market Cap as of November 8^th, 2021
**Unaudited non financial data

(in million P$ adjusted by inflation, except where noted)**

IAS 29

As of
September 30,

Kurse

Telecom Argentina SA B ADR

5,825 €

0,00%

Telecom Argentina SA B ADR Realtime-Chart

As of
September 30,

Δ $

Δ %

2021

2020

Consolidated Revenues

292,983

317,476

(24,493)

-7.7%

Operating Income before D&A

95,398

113,522

(18,124)

-16.0%

Operating Income

1,185

29,568

(28,383)

-96.0%

Net income before income tax expense

31,985

9,957

22,028

-

Net income (loss) attributable to Controlling Company

358

(2,508)

2,866

-114.3%

Shareholders' equity attributable to Controlling Company

484,846

565,265

(80,419)

-14.2%

Net Financial Debt

(223,416)

(201,948)

(21,468)

10.6%

Investments in PP&E, intangible assets & rights of use assets *

66,519

62,054

4,465

7.2%

Fixed lines in service (in thousand lines) ***

2,524

2,938

(414)

-14.1%

Mobile customers (in thousand)

21,722

20,889

833

4.0%

Personal (Argentina)

19,522

18,654

868

4.7%

Núcleo (Paraguay) -including Wimax customers-

2,200

2,235

(34)

-1.5%

Broadband accesses in Argentina (in thousand)

4,248

4,185

64

1.5%

Pay TV Subscribers (in thousand)

3,561

3,568

(7)

-0.2%

Average Billing per user (ARBU) Fixed Telephony / voice (in P$ - Restated by inflation)

708.2

827.5

(119.3)

-14.4%

Average Revenue per user (ARPU) Mobile Services - Personal (in P$ - Restated by inflation)

568.0

611.7

(43.7)

-7.1%

Average Revenue per user (ARPU) Broadband (in P$ - Restated by inflation)

1,580.5

1,829.2

(248.7)

-13.6%

Average Revenue per user (ARPU) Cable TV (in P$ - Restated by inflation)

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